§2621 Coos Bay Wagon Road Grant Fund; Annual Payments; Appraisal and Assessment of Land and Timber; Computation of Payments

Summary

Starting with the fiscal year after May 24, 1939, up to 75 percent of the yearly money from the Coos Bay Wagon Road grant lands in Oregon that was put into the special fund created by the Act of February 26, 1919 must be paid each year instead of local property taxes. The Secretary of the Treasury pays this after the Secretary of the Interior certifies the amount. The money goes to the treasurers of Coos and Douglas Counties. Each county’s share is based on the assessed value of the reconveyed federal lands in that county compared to the total for both counties. Until Douglas County fully repays the general fund for earlier charges under the 1919 Act, Douglas gets only 50 percent of the share it would otherwise receive. Before any payment is made, the land and timber must be appraised within six months after May 24, 1939 by a three-person committee: one person for the Secretary of the Interior, one person representing both counties, and a third person agreed to by the Secretary and county officials who is not a U.S. employee and is not a resident of or property owner in Coos or Douglas County. After appraisal, the land and timber are assessed like similar local properties, and the payments are calculated using the same tax rates that apply to private property of the same kind in those counties.